Bank Simpanan Nasional chooses Infrasoft's OMNIEnterprise suite.
By AvantiKumar
15 Jul 2010

KUALA LUMPUR, 15 JULY 2010 -- Malaysian financial firm Bank Simpanan Nasional (BSN) is to roll out an anti-money laundering solution from financial services provider InfrasoftTech.

According to InfrasoftTech, BSN, which has more than 5,000 employees in 375 branches across Malaysia, aims to simplify its internal compliance workflow processes and regulatory reporting with the OMNIEnterprise Anti Money Laundering solution.

BSN vice president legal and compliance, Noor Rashidah Hashim, said InfrasoftTech's local partner, Online DM (ODM), would assist with the project rollout, and that the OMNIEnterprise Anti Money Laundering solution was a risk and compliance system that complied with 27 FIUs [financial intelligence units] globally, including Bank Negara Malaysia (BNM) regulations and compliance reporting.

InfrasoftTech is a financial services sector provider of software products and solutions with more than 180 clients around the world.

 Enterprise-wide intelligent solution

The solution is an intelligent enterprise-wide solution for prevention of money laundering as well as for fraud detection, said Rashida. “The solution is compliant with country specific regulations in Asia, Africa, the Middle East, Europe and the Americas, implemented by central regulatory bodies and adheres to industry specific compliance functionality for banks, asset management companies, insurance companies, brokerage houses, and currency exchange houses.”

“The anti-money laundering solution has effectively assisted us in complying with Bank Negara Malaysia’s guidelines,” added Rashida. “With the implementation, we are now able to perform customer scanning against the SDN [specially designated and blocked nationals] list and various other internal list and generate automatic STRs [suspicious transaction reports] for regulatory reporting.”